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Commonwealth Bank cuts interest rates

5 September 2001

The Commonwealth Bank Group will cut a range of home and personal loan interest rates.

Home LendingThe interest rates on owner occupied and investment home loans will decrease as follows:

Old Rate % pa

New Rate % pa

New Rate % pa

12 Month Discount Variable Rate

5.74

5.49

-0.25%

Complete Home Loan Variable Rate

6.82

6.57

-0.25%

Economiser

6.31

6.31

6.06

Viridian

6.97

6.57

-0.40%

The new interest rates will be available for new customers immediately and for existing customers effective from 14 September 2001.

The 0.25% interest rate reduction means required repayments at the new standard variable rate of 6.57% pa on a principal and interest loan of $100,000 over 25 years fall by $16 per month. For a $150,000 loan, the saving is $24 per month.

Personal LoansThe interest rate for new Personal Loans will be reduced from 11.45% pa to 11.20% pa, effective from 14 September 2001.